Long/short equity managers continued their comeback last month as rebounding equity markets pushed their returns to 1.7% in November, bringing year-to-date returns to almost 15%, according to CSFB/Tremont, the index provider. The S&P 500 rose 1.08% in November and 22.3% so far this year.

The strong performance followed October's rally by long/short equity funds which saw them return 2.46%.